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BC Economy and 2018 Outlook

February 3, 2018 by Editor

For the last 4 years, the BC economy grew at 3% or more. In 2018 growth may slow slightly to 2.8%, limited partly by “bumping up against capacity constraints” (ie. running out of people to employ).

Employment

The provincial jobless rate is at its lowest in almost a decade. Since 2015 BC has added 180,000 jobs, a remarkable employment growth rate of almost 4%.

Interest Rates

The Bank of Canada raised its key overnight interest rate twice in 2017. Expect further rate hikes during 2018.

The average 5-year fixed mortgage rate is still expected to rise to only about 3.5%.

Note though that the “qualifying rate” for mortgages will be as much as 5.5% by the end of 2018.

Relief for housing supply

There are currently 39,700 residential units (mostly multi-family) under construction in the Lower Mainland. Many will complete in 2018, helping to relieve the housing supply shortage.

Exports

Other factors that may affect exports and the local economy:

  • The rising Canadian dollar
  • the uncertainty around NAFTA
  • the softwood lumber dispute

Population Growth

BC’s population will continue to grow, but at a slower pace in Metro Vancouver. Housing concerns will push more people to the Fraser Valley.
Alberta’s rebounding economy likely means fewer workers will move from there.

Source: BCREA

 

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Filed Under: Real Estate Perspective

The News – and the Reality: Trends Affecting Real Estate

November 21, 2018

One of the most popular activities in the daily news cycle seems to be forecasting the future of real estate. And it’s not uncommon to see wildly opposing views on where the market is headed, and when it might get there. This month’s post explores the news — and the reality.

Read More

The Changing Market – What Does That Really Mean?

October 22, 2018

After several years where home sellers had a market advantage, now buyers have more selection, more time to make good decisions, and their dollar buys more house than it used to.

Read More

Great Opportunities for Trading Up or Down…If You Qualify

October 9, 2018

Talk to a mortgage broker if you plan to move. There is still a strong demand for housing especially in retirement and recreational properties.

Read More

Monthly Articles

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Shannon Realty

Suite 207 5740 Cambie St.,
Vancouver, BC. V5Z 3A6
1-604-649-6058

Email: jeff@shannonrealty.ca

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